It is the 21st of November 2017

News

Federal Reserve Hesitates on QE Unwind / Balance Sheet Reduction

 The following article by David Haggith was published on The Great Recession Blog:

Federal Reserve balance sheet reduction not happening yet even as the Fed applauds its own success

Is the Federal Reserve’s Great Unwind already coming unwound? I thought it would be good to check up on Federal Reserve balance sheet reduction since the Fed is supposed to be up and running on the move out of quantitative easing this month. It should be fascinating to see what progress the Fed is making as it happily applauds its own successful recovery. 

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S&P Spikes Into The Close After Politico Reports Again Powell Is Leading Fed Candidate

One week after Politico reported for the second time that Trump, and Treasury Secretary Steven Mnuchin, were leaning toward Fed governor Jerome "Jay" Powell for Fed Chair, Politico's Ben White and Josh Dawsey decided to triple down, and with minutes left until the close, Politico reported - for the third time in three weeks - that "Powell is the leading candidate to become the chair of the U.S. central bank after President Donald Trump concluded a series of meetings with five finalists Thursday, three administration officials said."

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Eric Peters: "This Is The Nightmare Scenario For The Next Fed Chair"

While we will have much more to share from the latest weekend letter by One River's Eric Peters shortly, we found the following section on inflation vs asset bubbles - a topic which BofA's Michael Hartnett has been focusing extensively on in the past year and which serves as the basis for the "Icarus Rally" - particularly notable as it explains all of today's comments from Janet Yellen and other central bankers, discussing why it is only a matter of time before inflation returns, as the alternative, as Peters' explains, is a world in which yields simply refuse to go up, leading to a nightmare scenario for the next Fed chair, who will be forced to pop the world's biggest asset bubble.

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